201 results found

In November 2005, Sahara transferred half of its 90% participating interest in OPL 332 to BG Exploration and Production Nigeria Limited and realised a gain of US$27,915,000 on the transfer.

Employers are required to deduct PAYE on the benefits at the date of exercise.

In 2016, Nigeria was plunged into an economic recession, which lasted from the third quarter of 2016 to the third quarter of 2017, hurting many businesses.

The federal government recently enacted a new law, the Federal Capital Territory Internal Revenue Service Act, 2015.

The LIRS has issued a Public Notice mandating employers to account for and remit CGT on termination benefits and any other capital sum paid to disengaging employees.

Lagos State Internal Revenue Service (LIRS) recently appointed all payers of capital sums as Capital Gains Tax (CGT) collection agents, through a public notice, effective from 1 January 2019.

The year 2018 witnessed a number of restructuring arrangements that necessitated the merger or the acquisition of some businesses.

These packages have stimulated an environment with tax holidays for pioneer businesses in the manufacturing and exportable goods and non-tax incentives to non-pioneer companies.

The Federal Inland Revenue Services (FIRS) has issued a circular on the tax implications of regulated securities lending (RSL) transactions in Nigeria

In practice, FIRS may disallow capital allowances claimed on fixed assets if the appropriate CAFA has not been obtained from the Industrial Inspectorate Department.

Nigeria has introduced a standardised framework for the taxation of virtual assets through the NRS Virtual Asset Tax Guidelines. This comprehensive breakdown examines who the guidelines apply to...

We have examined the inflationary trend in Nigeria's economy and its impact on taxation with special consideration for CGT in this article.

On the 3rd of January 2023, President Muhammadu Buhari signed the 2023 Appropriation Bill for the implementation of the National Budget (the "Budget") into law. One of the key things that stood out...

The Nigerian Government's drive to boost non-oil revenue is clearly evident with intensified tax audits, increase in treaty networks, promulgation of new Transfer Pricing Regulations and the launch of tax amnesty schemes.

Managing wealth for High-Net-Worth Individuals (HNIs) can be complex. Having significant assets and income stream / sources can bring undeniable advantages, but it can also present complex tax challenges...

Commencement and cessation rules - The FIRS clarified that a company that commences business should apply the Preceding Year Basis (PYB)

In a bid to grow Nigeria's tax revenue and raise non-oil tax to GDP ratio from current level of 6% to 15% by 2020, a Voluntary Asset and Income Declaration Scheme (VAIDS) is to be implemented.